It was too good to last – Catastrophic Nouriel Roubini, nicknamed „Dr. Doom“, will not have been kind to our poor Bitcoin (BTC) for long.
Between insults at retail crypto investors and the hellish promise of BTC going back to zero, the Bitcoin pessimist is in great shape.
Summary: „Bitcoin is nothing at all“
We had a faint glimmer of hope for Nouriel Roubini in early November, when our beloved Armageddon predictor made what almost sounded like a compliment to Bitcoin. Indeed, he then went so far as to say that the king of cryptos would be „perhaps a partial store of value.“
But real life doesn’t always end as well as Christmas tales, like the Grinch. So, at the end of last week, instead of the traditional warm Thanksgiving messages, Nouriel Roubini resumed openly criticizing the cryptosphere.
Dr. Doom, visibly monomaniac of Bitcoin, posted no less than 12 tweets in a row to express his fierce hatred, including this one:
“Bitcoin is not an asset because it has NO intrinsic value. Assets provide either income, capital gains, or actual utility or use of some kind. Stocks, bonds, real estate and other assets provide both income (dividends, interest, rents) and capital gains (…). „
In terms of interest generation, we see that Nouriel Roubini was really not at all interested in the very attractive rates of return that decentralized finance (DeFi) now offers.
Private crypto-investors, „manipulated idiots“
Obviously, it was the small drop in Bitcoin’s price (after all, a very normal correction after such a rise) at the end of last week that awakened the hellish flames of Nouriel Roubini.
“Today (November 26), as BTC moved closer to its all-time high (ATH), the price slumped 13%, following the same bunch of idiots of retail investors who, after having FOMO, were deceived by the manipulations of the whales (the big investors). (…) So, on Thanksgiving, don’t be a jerk / joke being duped by manipulative whales (…). Stay away from this cesspool of thousands of worthless shitcoins! „
When we told you that Dr. Doom was in great shape … But let’s not be kidding! The poor man must already eat his hat since at the time of this writing, the price of Bitcoin is once again approaching $ 20,000 on November 30 (at $ 19,494 per BTC to be more precise, on time to publish this article).
Nouriel Roubini indeed seems not to have taken into account (or to have totally neglected) the massive influx of institutional investors into the crypto-game (PayPal, MicroStrategy, Grayscale customers, to name a few). Even though by the end of eternity, Bitcoin may be dusty, so it won’t be for today … and probably not for tomorrow, either!